Sunday, July 20, 2008

"Inflation" Doesn't Begin to Describe It

Per this CNN article, Zimbabwe has just introduced $100 billion banknotes (each of which is worth one U.S. dollar). According to the article, the Zimbabwe inflation rate is now at 2.2 million percent.

To put $100 billion in some perspective... per the U.S. Federal Reserve, the entire U.S. M1 money supply is less than $1.4 trillion...

- Rick

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